Tags |
|
|
Links |
|
|
Cases - Creativity and Innovation Management: The Value Of Due Diligence
Creativity can be defined as problem identification and idea generation whilst innovation can be defined as id
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ea selection, development and commercialisation. There are other useful definitions, for example, creativity c
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
an be measured according to the number of ideas produced, the diversity of those ideas and the novelty of thos
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
e ideas.
There are distinct processes that enhance problem identification and idea generation and, similarly,
There are distinct processes that enhance problem identification and idea generation and, similarly,
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
distinct processes that enhance idea selection, development and commercialisation. Whilst there is no sure fir
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
e route to commercial success, these processes improve the probability that good ideas will be generated and s
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
elected and that investment in developing and commercialising those ideas will not be wasted.
The Value of
The Value of
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
Duel Diligence
One consideration innovators should be wary of in the rush to market is to not forego due
One consideration innovators should be wary of in the rush to market is to not forego due
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
diligence. That is, the temptation to forego, among other things, investigation into an idea’s feasibility, ad
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
equate market analysis and the questioning of the dominant assumptions. Due diligence is important for a numbe
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
of reasons, including:
a) There may be no time before a product is rushed to market but time always seems to
a) There may be no time before a product is rushed to market but time always seems to
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
be available when faults are discovered. The cost of retracing steps and reengineering products runs into the
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
billions.
b) Most innovations fail. And one of the major reasons for failure is the lack of a focused produc
b) Most innovations fail. And one of the major reasons for failure is the lack of a focused produc
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
t that solves particular problems.
c) Group-think and other negatives cause bad decision-making and consequen
c) Group-think and other negatives cause bad decision-making and consequen
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ly unrealistic expectations.
Clasic examples include the Segway Human Transporter and the Internet boom of 2
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
000.
These topics are covered in depth in the MBA dissertation on Managing Creativity & Innovation, which can
These topics are covered in depth in the MBA dissertation on Managing Creativity & Innovation, which can
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
be purchased (along with a Creativity and Innovation DIY Audit, Good Idea Generator Software and Power Point
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
resentation) from http://www.managing-creativity.c
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
om/
You can also receive a regular, free newsletter by entering your email address at this site.
You are
You can also receive a regular, free newsletter by entering your email address at this site.
You are
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
free to reproduce this article as long as no changes are made and the author's name and site URL are retained
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.cases.org.ua/article/24233/cases-Creativity-and-Innovation-Management--The-Value-Of-Due-Diligence.html">Creativity and Innovation Management: The Value Of Due Diligence</a>
BB link (for phorums):
[url=http://www.cases.org.ua/article/24233/cases-Creativity-and-Innovation-Management--The-Value-Of-Due-Diligence.html]Creativity and Innovation Management: The Value Of Due Diligence[/url]
Related Articles:
Electroplating & Anodizing Services in Southern California
Bookmark it:
|